Prime Minister Narendra Modi meets the ONGC team during the inauguration of the ONGC Sea Survival Centre in South Goa
Indian E&P companies struggling to meet targets
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
India’s domestic crude output has struggled over the past few years despite the authorities’ efforts to reduce the country’s import dependence. Two state-owned and two private operators could manage to produce only 29.4mt of crude for the financial year ending 31 March, showing little change from the 29.2mt produced in 2022–23. Meanwhile, a slight increase in overall consumption led to import dependence increasing to 87.7% in 2023–24 from 87.4% in the previous year. The government has been pressuring state-owned oil explorers Oil & Natural Gas Corporation (ONGC) and Oil India Limited (OIL) to increase domestic output to help insulate the country more from price and supply shocks of the k
Also in this section
11 September 2024
But the young nation may have to go through a fallow period before that project comes online as the Bayu-Undan field nears exhaustion
10 September 2024
The August/September issue of Petroleum Economist is out now!
10 September 2024
The third part in the second chapter of our history of oil looks at the US shale revolution and ‘declaration of cooperation’ that created OPEC+
9 September 2024
We pick up the story of the history of oil with the response of consumer countries to the 1973 embargo, with the creation of the IEA proving the adage that every action has a reaction
